Italy become third national federations to sign up for crypto-based fan token launch

November 14 – Italy have become the third national federation, Europe’s second, to jump on the blockchain-based Fan Token ‘cryptocurrency’ with Socios.com.

As part of the agreement with Socios.com, the Fan Token provider will be the title sponsor of the Women’s Italian Cup for the next two years. No value was given for the sponsorship.

The $ITA fan token will be launched in the coming weeks and will be minted on the Chiliz blockchain. No details have been released on the price of the Fan Tokens or the number that will be issued.

The tokens will give owners voting rights in polls, VIP rewards, exclusive promotions, AR-enabled features, games and competitions based around the national team, the current European champions.

Token holders are also able to compete against other fans from around the world in games, competitions and quizzes, competing in global leaderboards and earning real-life and digital

team-related rewards, benefits and experiences.

Argentina were the first national federation to announce a partnership with Socios.com, followed by Portugal in the summer.

The Italian Football Federation (FIGC) said that the capital raised by the fan token issue will be used to develop the entire football movement in Italy including supporting basic sports facilities, improving training facilities throughout the country with particular focus on youth levels.

FIGC president Gabriele Gravina said: “This partnership will allow us to expand our relationship with our fans, providing new engagement opportunities and the chance for fans to be rewarded.

“It’s also another important step in continuing the development project of Italian football, because itwill allow us to invest into new resources at a grassroots level. The partnership will allow us to support the development of youth football and the entire movement, from the base to the top of the pyramid.”

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